Netflix Packs on More Than 13 Million Subscribers in Q4, Well Above Expectations

Netflix extended its lead as the world’s biggest premium video-streaming platform — gaining a better-than-expected 13.1 million subscribers for the fourth quarter of 2023. The company’s Q4 revenue came in slightly over Wall Street forecasts, while net income fell short.

As of the end of 2023, Netflix counted 260.28 million total members globally.

On average, analysts expected the company to report about 8.8 million net new subs for the period. Wall Street expected earnings per share of $2.22 on revenue of $8.71 billion, according to financial data provider LSEG (formerly known as Refinitiv).

The Q4 earnings report comes after Netflix announced a blockbuster 10-year deal for WWE’s “Monday Night Raw” earlier in the day — the streamer’s biggest bet to date in live sports. Under the deal, Netflix will pay about $500 million annually to TKO Group for media rights in multiple territories starting in 2025 to “Raw” (currently on USA Network in the U.S.) along with other programming.

Also Tuesday, Netflix garnered 18 Academy Awards nominations — the biggest tally among all studios — including seven for Bradley Cooper’s “Maestro” Leonard Bernstein biopic. That came after news that Scott Stuber, Netflix’s head of film, is exiting to launch a new media company.

On the TV front, Netflix released 99 original seasons in Q4, down from a record high of 145 in the year-earlier period.

Pictured above: Netflix’s dystopian thriller movie “Leave the World Behind” starring Mahershala Ali, Myha’la Herrold, Julia Roberts and Ethan Hawke